NexTech AR Solutions Corp (OTCQB:NEXCF) (CSE:NTAR) (FRA:N29) said it has acquired the AirShow app, artificial intelligence (AI) code and a team of four experienced augmented reality (AR) developers from TRICK 3D, in a deal that is due to close on October 1.
The AirShow app allows users to buy tickets to watch performances from real music artists and turns performers into ‘live’ holograms that they can interact with, providing what the company said is “an immersive and engaging experience all music fans will love”. The app is available to download on iTunes and the Google Play Store.
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NexTech, which develops AR for eCommerce, AR learning applications, AR-enhanced video conferencing, and virtual events, said its plans to use the app not only for the music industry but also for its virtual events platform InfernoAR, as well as its AR eCommerce business.
The acquisition, the company’s seventh purchase, will cost US$300,000, which will be paid half in cash and half in 37,500 shares in NexTech.
“This acquisition adds even more AR revenue and earnings potential to our fast-growing AR business and brings a tremendous amount of experienced talent to our team which is great since experienced AR talent is hard to find. With live music concerts shut down for the foreseeable future I see this app as a way for NexTech to help artists fill the revenue void they are currently experiencing,” NexTech chief executive Evan Gappelberg said in a statement.
“We already have recognizable musicians and music businesses partners that are eager to join the application. New ticketing capabilities should be available for in-app purchases allowing for revenue generation in the next few weeks. We also see a global growing demand for human holograms beyond just music. This app will help us to gain market share and meet this demand. I believe that human holograms can quickly be a multi-million dollar business for us,” the CEO added.
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